HOUSE_OVERSIGHT_014404.txt

The document is an investment strategy report focused on Japan. It predicts the Nikkei index will reach 20,000 by the end of 2017 due to bullish equities and a rotation into cyclicals, banks, and insurance. The upturn in inventory cycle and higher inflation are expected to drive this growth. The new Chief Japan Economist Izumi Devalier supports these predictions with forecasts of above-consensus GDP growth and inflation in 2017.